What does spotting a gap in the market mean for a business? Often it can mean becoming the trendsetter of a particular market. When filling a gap in the market others will almost always try to emulate your success, but often the pioneer of the market becomes established as the most recognisable brand in the industry. There are instances where this is not the case. Especially within the mobile phone sector we have seen a constant change of who is “top dog”. A few years ago few could contend with Nokia; however in more recent years we have seen a shift to Apple products due to them realising a gap in the market for a more style orientated and user friendly product.
The business landscape is ever changing and companies are having to find new ways to meet the demand of the public. Often a gap in the market can be created by finding a way to make something easier for the consumer. A great example of this the ready meals market “worth over £2.6bn in the UK alone”. Food companies quickly realised that when it comes to cooking, convenience is a major selling point and then capitalised on this fact. Throughout the years the ready meal market has had to grow and adapt with public demand to as people are becoming more health conscious the industry must create a product that fits this need.
Trying to get your brand to the top of the food chain in the food and drink industry seems to be a monumental task and not one to be taken lightly. But that’s just what three entrepreneurs from London did. Richard Reed, Adam Balon and Jon Wright three University mates who successfully created the “Innocent” brand, which has gone on the dominate the smoothie drinks market and have now entered the ready meal market as well. The Innocent brand is a prime example of how a gap in the market has allowed for a new company to emerge and be successful in a new marketplace.
When you think of a modern day inventor, James Dyson is nearly always at the top of the list. Helping to make hoover bags a thing of the past he the first to create the “bagless hoover”. Using his patented “cyclone technology” he eliminated the cost of hoover bags and revolutionised the market place. Dyson has gone into other areas including the hand dryer and fan market. Each innovation has the sole purpose of making the consumers life easier and more convenient.
There is no secret to spotting a gap in the market, it is simply about listening to your potential customer base and understanding what problems or issues they are having with their current product or service and then creating a solution. Often an innovation is based on an easier way of doing a daily task such as vacuuming your house; there are other innovations that create demand in the market. These products are revolutionary and completely new to the public domain, but as awareness of the product grows so will its sales.